A patent and a trade secret have exactly the same effect
Indicate whether the statement is true or false
F A patent protects the owner of an idea, who owns the idea for a period of time even if another discovers it. A trade secret constrains those who know the secret but grants no ownership in the secret idea, so if the secret is independently discovered it is lost.
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The existence of automatic stabilizers will
A) cause the effects of shocks to aggregate demand to have a larger effect on GDP. B) reduce the recognition lag of discretionary fiscal policy. C) eliminate recessions. D) reduce the size of recessionary and inflationary gaps.
A firm built an inventory of 16-bit chips for $50,000 last year. However, the introduction of 32-bit chips lowers the market price for 16-bit chips and the inventory can only be sold for $40,000 now
What is the opportunity cost of the inventory of 16-bit chips? A) $50,000 B) $40,000 C) $10,000 D) $90,000
The equity premium is the return
A) investors expect to equal a risk free investment. B) covered by stockholder insurance. C) on bonds. D) investors expect above a risk free investment.
A consumer will achieve the highest level of utility possible when she consumes
A. at a point to the left of the budget constraint. B. at the point at which the indifference curve crosses the budget constraint. C. just below the point where the indifference curve crosses the budget constraint. D. at the point at which the highest indifference curve is tangent to the budget constraint.